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F ederal R eserve Bank o f D allas
F IS C A L A G E N T O F T H E U N IT E D S T A T E S

DALLAS, TEXAS 7 5 2 2 2
NEW OFFERING — TREASURY BILLS
Circular No. 74-322
D ecem ber 3, 1974

To All Banking Institutions and Others Concerned
in the Eleventh Federal Reserve District:
Your attention is invited to the following statement giving details of two issues of Treasury bills:
T h e D epartm ent o f the Treasury, by this public notice, invites tenders for two series of Treasury bills to the aggregate
am ount o f $4,900,000,000, or thereabouts, to be issued D ecem ber 12, 1974, as follows:
91-D A Y B IL L S (to m aturity d ate) in the am ount of $2,800,000,000, or thereabouts, representing an additional
am ount of bills dated Septem ber 12, 1974, and to mature M arch 13, 1975, (C U S IP No. 912793 V Z 6 ), originally
issued in the am ount of $1,805,935,000, th e additional and original bills to be freely interchangeable.
182-D A Y B IL L S for $2,100,000,000, or thereabouts, to be dated D ecem ber 12, 1974, and to m ature June 12, 1975
(C U S IP No. 912793 W N 2 ).
T h e bills w ill be issued for cash and in exchange for Treasury bills maturing D ecem ber 12, 1974, outstanding in the
am ount of $4,713,950,000, of which G overnm ent accounts and Federal R eserve Banks, for them selves and as agents of foreign
and international m onetary authorities, presently hold $2,231,930,000. T h ese accounts m ay exchange bills they hold for the
bills now being offered a t th e average prices of accepted tenders.
T h e bills w ill be issued on a discount basis under com petitive and noncom petitive bidding, and at m aturity their face
am ount w ill be payable w ithout interest. T h ey w ill be issued in bearer form in denom inations of $10,000, $15,000, $50,000,
$100,000, $500,000 and $1,000,000 (m aturity v a lu e ), and in book-entry form to designated bidders.
T enders will be received at Federal R eserve Banks and Branches up to one-thirty p.m., E astern Standard T im e,
M onday, D ecem ber 9, 1974. Tenders w ill not be received at th e D epartm ent of the Treasury, W ashington. Each tender m ust be
for a m inim um of $10,000. Tenders over $10,000 m ust be in m ultiples of $5,000. In the case o f com petitive tenders the price
offered m ust be expressed on the basis o f 100, w ith n o t m ore than three decim als, e.g., 99.925. Fractions m ay not be used.
Banking institutions and dealers who m ake primary markets in G overnm ent securities and report daily to the Federal
R eserve Bank of N ew York their positions w ith respect to G overnm ent securities and borrowings thereon m ay subm it tenders
for account of custom ers provided th e nam es of the customers are set forth in such tenders. Others w ill not be perm itted to
subm it tenders except for their own account. Tenders w ill be received w ithout deposit from incorporated banks and trust
com panies and from responsible and recognized dealers in investm ent securities. Tenders from others m ust be accom panied
by paym ent of 2 percent o f th e face am ount of bills applied for, unless the tenders are accom panied by an express guaranty of
paym ent by an incorporated bank or trust company.
P ublic announcem ent w ill be m ade b y the D epartm ent of th e Treasury o f the am ount and price range of accepted bids.
T hose subm itting com petitive tenders w ill be advised o f th e acceptance or rejection thereof. T h e Secretary of the Treasury
expressly reserves the right to accept or reject any or all tenders, in whole or in part, and his action in any such respect shall be
final. Subject to these reservations, noncom petitive tenders for each issue for $200,000 or less w ithout stated price from any
one bidder w ill be accepted in full a t the average price (in three decim als) of accepted com petitive bids for th e respective
issues. Settlem ent for accepted tenders in accordance w ith the bids m ust be made or com pleted at the Federal R eserve Bank
or Branch on D ecem ber 12, 1974, in cash or other im m ediately available funds or in a like face am ount of Treasury bills matur­
ing D ecem ber 12, 1974. Cash and exchange tenders w ill receive equal treatm ent. Cash adjustm ents will be m ade for differences
betw een the par value o f maturing bills accepted in exchange and the issue price of the new bills.
Under Sections 4 5 4 (b ) and 1221 (5 ) of th e Internal R evenue Code of 1954 the am ount of discount at which bills
issued hereunder are sold is considered to accrue w hen th e bills are sold, redeem ed or otherwise disposed of, and th e bills are
excluded from consideration as capital assets. Accordingly, the owner o f bills (other than life insurance com panies) issued
hereunder m ust include in his Federal incom e tax return, as ordinary gain or loss, the difference betw een the price paid for the
bills, whether on original issue or on subsequent purchase, and the am ount actually received either upon sale or redem ption at
m aturity during th e taxable year for which th e return is made.
D epartm ent of th e Treasury Circular N o. 418 (current revision) and this notice, prescribe the term s o f the Treasury B ills
and govern the conditions o f their issue. Copies of th e circular m ay be obtained from any Federal R eserve B ank or Branch.

in accordance with the above announcement, tenders will be received at this bank and its branches at El Paso,
Houston and San Antonio up to twelve-thirty p.m., Central Standard Time, Monday, December 9, 1974. Tenders may
not be entered by telephone.
Federal Reserve Bank of Dallas
Fiscal Agent of the United States

LAST PREVIOUS OFFERING OF TREASURY BILLS
Amount, R ange and Approximate Y ield of A ccepted Tenders
13-W eek B ills
26-W eek B ills
D u e M arch 6, 1975
D u e June 5, 1975
$3,389,255,000
T otal A pplied For_________________________________ $3,816,155,000
$2,800,355,000-----------------------------------------------------T otal A ccep ted__________________________________ $2,101,030,000
Price
R ate
Price
R ate
98.142
7.350% __________
H ig h ______________________ 9 6 . 2 1 4 - 1 _________ 7.489%
98.041
7.750% --------------------------------------------Low ______________________ 96.168___________
T580%
98.098
7.524% ( 1 ) ---------------------------- —Average_____________________ 96.176_____________ 7.564% ( 1 )
( 1 ) T h e s e rates are on a b ank d iscou nt basis. T h e eq u iv a le n t cou p on issu e y ie ld s are 7 .7 8 % for th e 13-w eek b ills, an d 7 .9 7 % for
th e 2 6 -w eek bills.

(S e e reverse for tender form )

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

CLOSING
TIME

12:30 P.M., CENTRAL STANDARD TIME, MONDAY, DECEMBER 9, 1974

TENDER FOR TREASURY BILLS
SECURITY
OFFERED

182 DAYS TO MATURITY
Dated December 12,1974

Maturing June 12,19

Pursuant to the provisions of Department of the Treasury Circular No. 418 (current revision) and the provisions ■
the public announcement issued by the Department of the Treasury, the undersigned offers to purchase Treasury bills
the amount shown below, and agrees to pay for the amount allotted, on or before the issue date, by the method and at #
rate indicated.
N O N C O M P E T IT IV E T E N D E R $_
_NOT TO E X C E E D $ 2 0 d /

I
Ij.
O

Noncompetitive tenders for $200,000 or less from any bidder, without stated price, will be accepted in full at the avert*'
price (in three decimals) of accepted competitive bids.
Prices should'
expressed on 1
basis of 100, ^
not more than trJ
decimal places, e
*
99.925. Fractio
must not be use

(a)

C O M PE T IT IV E T E N D E R S

I

$
$
$

(n)

OTHER THAN BANKS:
□ By Cashier’s Check
□ By Certified Personal Check
□ By Federal Funds Draft
□ By Securities Submitted

fe n
Qw
H<

BANKS ONLY:
□
□
□

(Description)

S

?
$
$

fffi
@

ALL CHECKS MUST BE PAYABLE TO
THE FEDERAL RESERVE BANK

By charge to our reserve account on payment
date
By draft enclosed.
By charge to our correspondent:
(A written authorization for such charge should
be provided from your correspondent.)

FEDERAL RESERVE BANK ONLY:
Bearer Securities (will be shipped to address at lower
right unless indicated otherwise):
$10,000

$16,000

$50,000

$100,000

$500,000

$1 Mil.

COST:
DEPOSIT:
DUE TO SUBSCRIBER:
DUE FROM SUBSCRIBER:

Send to

Book-entry (Banks only — indication of pieces not
necessary):
□

02 Treasury Tax and
Loan Collateral

□

04 Pledged to Secretary
of Treasury

□

12 Investment Account

□

13 Trust Account

□ -----------------------TOTAL $_

CO

fc

o

H

5

55
O
u

(N am e of Subscriber)

01 General Account

□

PLEASE PRINT OR TYPE (The information belo>
will be used in delivery of securities.)

(Street Address)
(City, State, Zip Code)
(Signature and title, if applicable)

BANKS ONLY:
For the account
if tender is for
another subscriber

0tl

1. No tender for less than $10,000 will be considered and each tender over $10,000 must be for an amount in multiple*
$5,000 (maturity value).
2. Tenders should be forwarded in an envelope clearly addressed to this bank or appropriate branch as Fiscal Agent of
United States, with notation on the envelope reading “TENDER FOR TREASURY OFFERING”. Since envek
received with this legend will not be opened until after the closing time specified in the public announcement, com®*
cations relating to other matters should not be enclosed. Envelopes for submitting tenders may be obtained from
bank or appropriate branch.
3. Any qualified or conditional tender will be rejected.
4. If a corporation makes the tender, the form should be signed by an officer of the corporation authorized to make :
tender and the signing of the form by an officer of the corporation^ will be construed as^a representation by him ths
has been so authorized. If the tender is made by a partnership it should be signed by a member of the firm,
should sign in the form “__________________________ , a copartnership, by
a member of the firm.”
5. Tenders from those other than incorporated banks and trust companies or responsible and recognized dealers in in^
ment securities will be disregarded, unless accompanied by a deposit of 2 percent of the total amount (maturity vs)
of the Treasury bills applied for, or unless the tenders are accompanied by an express guaranty of full payment W
incorporated bank or trust company.
. .
6. If the language of this form is changed in any respect, which, in the opinion of the Secretary of the Treasutf
material, the tender may be disregarded.
(See reverse for announcement)


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102